Product management PROD

The active management of a product or service throughout its lifecycle (inception through to retirement) in order to address a market opportunity /customer need and generate the greatest possible value for the business.

Initiates creation of new products. Oversees one or more products or services, monitoring and modifying elements of the marketing mix (the product and its features, the communications strategy, distribution channels and prices). Accountable for product profitability and customer satisfaction over time. Identifies how new products may create new markets. Identifies how to adapt existing products to new markets.

Acts as owner/advocate for one or more products or services, advising on standards, methods, tools, etc. Manages their lifecycles to ensure that, over time, the needs of customers are profitably met. Liaises with customers and colleagues in other disciplines in determination of product positioning, coordination of product launch, marketing campaigns, and monitoring of product/service performance. Anticipates changes in market dynamics /models, adapts products, and creates product retirement and transitioning strategies.

Manages aspects of the product lifecycle, working with colleagues in other disciplines to enable effective marketing and customer support. May act as product owner for one or more lower value products or services. Facilitates product sales by planning development of marketing collateral content, supporting and evaluating campaigns, and monitoring product performance.